The European Securities and Markets Authority on Wednesday published its 2025 Annual Report, saying major EU regulatory projects moved from design into execution, including MiCA, DORA, EMIR 3, consolidated tape provider selections under MiFIR, and the transition to T+1 settlement.
On MiCA, ESMA said it worked with National Competent Authorities on a convergent approach to crypto-asset service provider authorisations during the transitional phase. The report also pointed to strengthened oversight of clearing infrastructures and third-country CCP recognition under EMIR 3.
ESMA selected Ediphy (fairCT) as the bond CTP in July 2025 and EuroCTP as the equities CTP in December 2025. On settlement, ESMA has recommended 11 October 2027 as the EU’s T+1 transition date, coordinated with the UK’s move on the same day.
ESMA Chair Verena Ross said 2025 saw “momentum shifting from policy ambition to concrete action.”
The report also flagged burden reduction efforts, including streamlined transaction reporting and fund reporting under AIFMD and UCITS, alongside intensified supervisory work on AI, DLT and DeFi.
